Results from the 2018 Economic Outlook Survey conducted by the Saskatchewan Chamber of Commerce, have been released. After collecting responses from members of the business community, it’s clear that Saskatchewan companies foresee an improvement in their businesses over the next twelve months and experienced a more positive business environment in 2017 than expected.
2017 saw the Saskatchewan economy stabilize. While economic recovery is slow, it is steady and overall business optimism is high.
38% of respondents indicated that they expect the state of the economy to get better or much better in 2018, up from 22% who reported a similar outlook last year. A similar positive upturn was that 37% of respondents felt their business got better or much better in 2017 as compared to 2016.
The 2018 Economic Outlook Survey also found that 51% of respondents are expecting their revenue to increase in 2018, which is an improvement from the 48% in 2017. The number of businesses projecting a decrease dropped to 13%, down from 18% in 2017. Furthermore, the percentage of members spending on capital investment continues to increase from 26% in 2016, to 30% in 2017, and 31% expect an increase in 2018.
“Businesses are more optimistic this year than they have been in the previous two years and have been outperforming their projected revenues. The fact that more businesses in Saskatchewan are focusing on capital investment shows an improved optimism in the province,” said Steve McLellan, CEO of the Saskatchewan Chamber of Commerce.
The complete 2017 Economic Outlook Survey results are available here.